The product will be used on the X9 MPV as well as XPeng’s next electric B-class sedan, with start of production planned for Q3 2024. The high voltage hairpin (HVH) 220 eMotor offers high power and torque density, plus higher efficiency at a competitive cost. It also provides outstanding durability, BorgWarner said.
Chipmaker: The acquisition places Renesas at the forefront of dealmaking and investment in Japan s chips industry, with the government making efforts to improve competitiveness and boost supply chain resilience against geopolitical shocks.
Electric Cars: Tata Motors announced significant price reduction for electric versions of its Nexon SUV and Tiago small. While the Nexon EV has received most significant price cut of INR 1.2 lakh, Tiago will witness a price decrease of up to INR 70,000, with the base model being priced at INR 8 lakh. Tata stated that it is passing along "battery price reduction benefits" to customers.
BorgWarner, which is a supplier to automakers such as Ford Motor and Volkswagen, said it expects 2024 adjusted per share profit in the range of USD 3.65 to USD 4.00. Analysts on average were expecting a profit of USD 4.27 per share, according to LSEG data.
Magna International: Auto parts suppliers have been hit by a slowdown in demand for EV parts, as automakers scale back investments and shift focus to higher-margin hybrid and gas-powered vehicles. The Aurora, Ontario-based company expects full-year profit in the range of USD 1.6 billion to USD 1.80 billion. Analysts on average were expecting a profit of USD 1.90 billion, according to LSEG data.